TRAIL STOP-LOSS TO 19500

 

TRAIL STOP-LOSS TO 19500

 

WORLD MARKETS

 

Dow fell 0.1% while S & P 500 and Nasdaq inched up 0.1% each.

 

Cisco Systems plunged 10% after offering weak guidance for the current quarter and full fiscal year. Walmart tumbled 8% after issuing a lower-than-expected forecast for the year.

 

U.S. import prices fell 0.8% in October, more than the 0.3% expected. Weekly jobless claims also rose last week by 13,000 total 231,000, higher than the estimate for 220,000. U.S. industrial production fell by 0.6% in October as the United Auto Workers strike impacted motor vehicle output.

 

U.S. 10-year treasury yield fell 10 bps to 4.437%. Dollar index was flat at 104.39. Gold rose 1.1% to $1981 per ounce.

 

Oil prices tumbled nearly 5% to their lowest level since early July. WTI December contract fell 4.9% to settle at $72.90 a barrel, while the Brent January contract tumbled 4.63% to $77.42 a barrel.

 

In Europe, FTSE and CAC fell 1% and 0.6% respectively while DAX rose 0.2%

 

AT HOME

 

After rising a percent, benchmark indices gave away half of the gains in late noon dip to end half a percent higher. Sensex settled at 65982, up 306 points while Nifty added 90 points to finish at 19765. Nifty mid-cap and small-cap indices gained 0.8% and 0.6% respectively and both hit fresh record highs. Nifty IT and Healthcare indices were the top gainers among the sectoral indices, up 2.7% and 1.1% respectively while PSU Bank and FMCG indices were the top losers, down 0.2% each.

 

FIIs net bought stocks, index futures and stock futures worth Rs 957 cr, 1574 cr and 4462 cr respectively. DIIs were net buyers to the tune of Rs 706 cr.

 

Rupee depreciated 9 paise to end at 83.23/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are down 1.6% and 0.3% respectively while Nikkei is marginally in the green. GIFT Nifty is suggesting around 20 points lower start for our market.

 

In yesterday's report we had said that 19850, the top made in mid-October, was the next upside target to eye while 19470 was the immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged to touch a high of 19875 before closing at 19765.

 

19875, the top made yesterday, is the immediate hurdle, upon crossover of which, 20222, the top made in September, would be next major target to eye; 19500 is the immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44710, the top made in October, is the next upside levels to eye; 43750 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

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